Condo In Atlanta Area
I have a condo in Fulton county, Ga. The area that the condo is located in is close to being condemned. I own the unit out right. Basically I want to know if it safe to hold onto the unit or sell it.
The reason I am posting is becasuse the condo asssoc. has a water bill that is close to $32k. If they don't pay $5k by the 1st then the water will be turned off. On top of that I currently have someone living in my unit and I am charging $400 a month; just to get the area back up slowly.
The association wants me to pay my dues each month but out of the 72 units there only about 25 of them have somebody living in them. The county is also placing a lot ordiances on the property that's aren't up to code. What should I do with this property. Sell it very very cheap, or hold on to it. There are contractors who want to buy the entire area but the assoc. says they are not offering enough money. Sell or ride it out.
Also, if I hold on to the unit someone wants to give me a loan on the property in order that I can payoff some debt.
<IMG SRC="images/forum/smilies/icon_confused.gif"> [ Edited by Toothpick on Date 09/23/2003 ]
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